DeepOcean bolsters renewables portfolio with Installit acquisition

Norwegian subsea services player DeepOcean has moved to strengthen its offshore renewables offering, having struck a deal with Oslo-listed industrial group Endúr to acquire its engineering and technology unit, Installit.

Installit provides project management and engineering services in the marine and renewable energy industries for subsea cable installation and marine operations. The purchase price of NOK20.8 ($2.4m) million for 100% of Installit’s shares will be paid in cash, Endúr said in a stock exchange filing

DeepOcean’s emphasis on assisting and enabling the energy transition demonstrates this.DeepOcean’s engineering competence in key growth areas and increases our competence base within offshore renewables,” said Øyvind Mikaelsen, CEO of DeepOcean.

Installit will be integrated into DeepOcean, operate under the DeepOcean brand and establish DeepOcean’s engineering hub in Oslo, Norway.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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